don't spend any time worrying about what other investors do I spent all my time studying great companies and studying great Industries if Nick and Zach were worried about what other investors were doing at this time they wouldn't be doing what they're doing they wouldn't have been buying Amazon they wouldn't have been talking about Costco

why competing with Costco is so hard to do the firm is not interested in today's static assessment of performance it is managing the business as to raise the probability of

long-term success when Costco continues to recycle cost savings to the consumer it is lowering the probability of failure

what the problem is what if we're right what if these are wonderful businesses what if Costco is going to get much bigger from here why is it then when you look at the history of investing that so few people cannot see success and what he means by that is they sell way too early so he says we take no comfort from the fact that not seeing success is

although we are all interested in margin it must never be done at the expense of our philosophy margin must be obtained by

better buying emphasis on selling the right kinds of goods we want to sell operating efficiencies lower Mark markdowns greater turnover increasing the retail prices and justifying on the basis that we are still competitive could

he says in our opinion just a few things in life are noble and it is because just a few things are noble that noad has just a few Investments the Church of diversification is seen as an insurance against any one idea being wrong we would propose that if knowledge is a source of value ad and few things can be known for sure then it Li logically

you cannot just focus on the outputs if you do you're going to sell you have to really understand the central engine of success you have to understand that business deeply

you have to be a learning machine you have to be doing the work now he he

referenced many times that it takes a long time now but it makes you go faster later on but that you'll study something he would study like an American company for like 15 years it would take him 15 years to find the Asian counterpart Nick is telling us something very similar

Traders have many small ideas and we have one big idea good luck to them

we have argued that the biggest error an investor can make is the sale of Walmart or Microsoft in the early stages of the company's growth we wonder would selling Amazon today be the equivalent mistake of selling Walmart in 1980